A Complete Guide to Using Forex Factory Free Trading Tools
The foreign exchange market offers a wealth of opportunities, but becoming a successful trader is not easy. It requires a significant amount of education, effort and dedication. In order to be successful, traders must become proficient in using a variety of tools and resources available online. In this context, a website such as Forex Factory, which offers a variety of software, tools, and a community for Forex traders, can be a valuable resource for traders. In this article, we will be taking an in-depth look at what Forex Factory has to offer to potential traders.
Forex Factory Calendar
The main part of the Forex Factory Calendar is the calendar table that displays events for each date, including the currency it affects, the event name, and the expected level of impact. On the right side, there are impact projections and auto-generated graphs.
How to Use It ?
The Forex Factory Calendar enables traders to see every currency-related news event in sync with their local time. However, the default view displays events related to all major currencies which can be overwhelming.
As traders only need to track events related to the currency pairs they are trading and within a relevant time frame, traders can adjust the filter to their level of experience.
To start, it is recommended that you set the filters to one or two currency pairs and major events and then gradually explore the calendar in more depth as you become more familiar with the interface.
Forex Factory News
Another goldmine of forex-related information can be found in the Forex Factory News section. It’s one of the tools you’ll need as a day trader, and it’ll most likely be a page you visit frequently. As a result, it’s critical to become acquainted with it right away.
How to Use It?
The Forex Factory News section allows members to submit news to the Forex Factory editorial team. On the left panel, you can find the “Submit News” section and the main section on the right displays currency-related news divided into categories, including the latest news in chronological order and various other categories such as educational news for beginners, major stories, and stories related to specific currency pairs. This section allows users to adjust the news box to display the category of their interest, and also offers options to customize the format and sorting according to their preferences and screen size.
Forex Factory Trade Journal
The Trade Explorer is an extremely valuable tool offered by Forex Factory. It offers a wide range of statistical analysis features, but one of the most useful features is its ability to automatically record trades in great detail, calculate individual trader’s statistics, and mark all trades on the price chart. With hundreds of interactive graphs and metrics, this Trade Explorer makes it easy for traders to identify their strengths and weaknesses.
How to Use It?
When you access the Forums section of Forex Factory, you will find the “Trading Journals” section. This section contains information shared by experienced traders, along with their insights and feedback from others. Though this feature is only accessible to advanced traders, all other members can still read the journals and learn from them. Once you have reached the advanced trader status, starting a journal is as simple as creating a new forum thread and importing data from Trade Explorer.
Forex factory trading tools are incredibly valuable for every trade irrespective oftheir experience level. You too can benefit from these tools and make your trading journey easier.